BU127 Lecture Notes - Lecture 5: Canadian Securities Administrators, Financial Statement, Audit

• School: WLU
• Department: Business
• Course: BU127
• Professor: James Moore

Document Summary

Canadian securities administrators: protect investors and maintain the integrity of the securities market. Canadian public accountability board: federal agency which oversees canadian accounting firms that perform auditing engagements of public companies. Corporate governance standards: along with provincial governments, set overall corporate governance standards. Responsibility for the information in the financial statements and disclosures. Board of directors: responsible for ensuring that processes are in place for maintaining integrity of the (cid:272)o(cid:373)pa(cid:374)y"s a(cid:272)(cid:272)ou(cid:374)ti(cid:374)g, fi(cid:374)a(cid:374)(cid:272)ial state(cid:373)e(cid:374)t prep, a(cid:374)d fi(cid:374)a(cid:374)(cid:272)ial reporti(cid:374)g. Board of directors (audit committee: composed of non-management directors with financial knowledge and is responsible for hiri(cid:374)g the (cid:272)o(cid:373)pa(cid:374)y"s i(cid:374)depe(cid:374)de(cid:374)t auditors. Also (cid:373)eet separately with auditors to dis(cid:272)uss (cid:373)a(cid:374)age(cid:373)e(cid:374)t"s (cid:272)o(cid:373)plia(cid:374)(cid:272)e with fi(cid:374)a(cid:374)(cid:272)ial reporti(cid:374)g responsibilities. Follow the established auditing standards to assess the fairness of the financial statements and related presentations. Provide unqualified or clean opinions that state the financial statements are fair presentations in all material respects in conformity with ifrs.